Less Meat, More Bugs

It’s no secret the US loves meat. The average consumer will eat 222.2 pounds of red meat and poultry this year, according to the U.S. Department of Agriculture, surpassing a record set in 2004.

But consumers’ carnivorous tastes are slowly shifting. Whether they’re making these changes are due to health, diet, environmental, ethical, or economic concerns, one thing is clear — people’s appetite for meat alternatives is bigger than ever.

Just look at the attention Impossible Foods and Beyond Meat have received. In April, Impossible Foods announced that they raised $114 million in funding in the last 18 months and, earlier this year, 26,000-square-feet of R&D space was added to Beyond Meat’s lab in El Segundo.

Between 2012 and 2017, sales of US meat substitute in the packaged food industry have risen an average of 4.7% each year, according to market research firm Euromonitor. In comparison, processed meat only grew about 1.6% per year during the same period.

And this growth isn’t just a passing fad, the global meat substitutes market is estimated to be $4.63 billion in 2018 and is projected to grow to reach $6.43 billion by 2023. This includes everything from plant-based proteins to lab-grown meat.

However, one meat substitute is making a bit more noise than the rest. Lately, insect protein has received a lot of hype; even the United Nations has suggested switching to bugs. And, from the looks of it, those buying in will likely to reap some serious rewards…

Read More

Misha Gajewski